Riyadh – Mubasher: The requirements of the in-kingdom total value add (IKTVA ) programme were listed in purchase contracts that amount to SAR 79 billion since launching.
Aramco's manager of industrial development and strategic supply, Nasser Al Yami, added on Monday that percentage of Aramco's purchases from local factories rose to 43% in 2016 compared to 35% in 2015.
Aramco is aspiring to raise the percentage to 70% by 2021, Al Yami noted.
The supply manager stated that one of those requirements is increasing the purchases of local goods and services through the company's local contractors and manufacturers, pinpointing that this is being reflected positively on the small and medium facilities.
IKTVA will help stimulating the private sector to manufacture goods and provide services locally through listing the nationalisation requirements in the company's purchase contracts.
